02 


PROCEEDINGS 


STOCKHOLDERS 


eiglt  *  Q-astott  <j\  Ami  Qi 


AT  THEIR 


TWENTY-SEVENTH  ANNUAL  MEETING, 


RALEIGH,  JULY  19th,  1877. 


Also,  Annual  Reports  of  the  President,  Superintendent,  Treasurer,  &c. 


RALEIGH: 

JOHN  NICHOLS,  BOOK  AND  JOB  PRINTER. 

1877. 


* 


Directors  and  Officers. 


DIRECTORS 


JOS.  B.  BATCHELOR,     PAUL  C.  CAMERON, 

W.  J.  HAWKINS,  W.  W.  CHAMBERLAINS, 

WALTER  CLARK,  LEWIN  W.  BARRINGER, 


OFFICERS: 

JOHN  M.  ROBINSON,  President. 
JOHN  C.  WINDER,  Superintendent. 
WILLIAM  W.  VASS,  Treasurer. 


COMMITTEE  ON  INSPECTION: 


THOS.  B.  VENABLE, 
RUFUS  S.  TUCKER, 


A.  M.  M(  PHEETERS, 
W.  J.  BAKER. 


PROCEEDINGS. 


The  twenty-seventh  annual  meeting  of  the  Stockholders  of 
the  Raleigh  and  Gaston  Railroad  Company  was  held  in  the 
Hall  of  the  Office  of  the  Company  in  the  city  of  Raleigh,  on 
Thursday,  the  19th  July,  1877,  at  12  o'clock  M. 

W.  J.  Hawkins  called  the  meeting  to  order,  and  on  his 
motion,  Col.  D.  M.  Carter,  of  Raleigh,  was  elected  Chair- 
man. 

On  motion,  W.  W.  Vass  and  W.  C.  Mainwarring  were  ap- 
pointed Secretaries. 

The  annual  Committee  on  Proxies  reported  through  A.  M. 
McPheeters,  as  follows: 

Represented  by  proxies,  7,251  shares. 

In  person,  -         -         -  3,913       "     — 11,164  shares. 

Necessary  to  constitute  a  quorum,     -         -  7,501      " 

More  than  a  quorum,  ....  3,663      " 

John  M.  Robinson,  president  of  the  Company,  then  read 
the  annual  report  of  the  President  and  Board  of  Directors — 
also  the  annual  report  of  the  Superintendent. 

On  motion  of  Walter  Clark,  the  annual  report  and  accom- 
panying statements  were  unanimously  accepted  and  adopted, 
after  remarks  by  W.  W.  Chamberlaine,  of  Norfolk,  and 
D.  W.  Spivey,  of  Wake,  and  others. 

The  report  of  the  Committee  of  Finance  and  Inspection 
was  read  by  T.  B.  Venable,  Chairman,  and,  on  motion  of 
John  M.  Robinson,  was  adopted,  and  ordered  to  be  publish- 
ed with  the  proceeding  of  this  meeting. 

On  motion  of  Jos.  B.  Batchelor,  the  meeting  proceeded  to 
ballot  for  a  President:  R.  S.  Tucker  and  A.  M.  McPheeters 
being  appointed  tellers,  who  subsequently  reported  that  John 
M.  Robinson  had  received  11,013  votes — being  all  the  votes 
cast:  whereupon^  the  Chair  declared  John  M.  Robinson,  Esq., 


Proceedings. 


unanimously  re-elected  President  of  the  Company,  for  the 
ensuing  year. 

On  motion  of  A.  M.  McPheeters,  the  stockholders  went 
into  the  election  of  six  directors  for  the  next  ensuing  year, 
Messrs.  Tucker  and  McPheeters  acting  as  tellers. 

The  Chair  subsequently  announced  the  unanimous  re-elec- 
tion of  the  following  gentlemen,  to-wit: 


Lewin  W.  Barringer, 

who 

received     - 

10,683  votes. 

W.  W.  Chamberlaine, 

u 

u 

-       10,683        " 

W.  J.  Hawkins, 

u 

u 

-       10,683        " 

P.  C.  Cameron, 

cc 

ti 

-       10,683        " 

Jos.  B.  Batchelor, 

u 

a 

-       10,683        " 

Walter  Clark 

a 

u 

-       10,683        " 

On  motion  of  Mr.  Batchelor,  seconded  by  John  M.  Robin- 
son, the  last  year's  Committee  of  Finance  and  Inspection — 
consisting  of  T.  B.  Venable,  R.  S.  Tucker,  A.  M.  McPheeters 
and  W.  J.  Baker  were  declared  re-elected,  without  going 
into  a  ballot. 

On  motion  of  John  M.  Robinson,  W.  W.  Vass  and  A.  M. 
McPheeters  were  continued  on  the  Committee  on  Proxies. 

On  further  motion,  the  meeting  adjourned  sine  die. 

D.  M.  CARTER, 

W.  W.  Vass,  )   q„„.„+„   •  Chairman. 

tit-  in  if/r       !  r  Secretaries. 

vv .  C.  Mainwarring 


,1 


J 


REPORT  OF  COMMITTEE  ON  FINANCE  AND 
INSPECTION. 


The  Committee  of  Finance  and  Inspection  report,  that 
they  have  made  a  thorough  examination  of  all  the  books, 
accounts  and  vouchers  of  the  Treasurer,  and  find  them  to  be 
correct.    The  financial  condition  of  the  Company  is  excellent. 

The  results  of  the  business  of  the  Company  show  that, 
with  a  decrease  in  the  receipts,  in  comparison  with  the  last 
year,  of  $7,872  07,  yet  there  was  a  decrease  in  expenditures 
of  $21,393  65,  giving  an  increase  in  net  profits  over  last  year 
of  $13,521    58. 

The  statement  of  the  Treasurer  shows  that  all  the  receipts 
and  expenditures  are  fairly  stated  in  a  debtor  and  creditor 
account,  and  that  there  is  no  extraordinary  expense  or  con- 
struction account  kept,  so  that  the  balance,  as  reported  by 
him,  shows  the  true  standing  of  his  cash  account. 

The  Company  owes  no  floating  or  other  debt  than  the 
mortgage  debt.  The  sinking  fund  assets  will  be  realized, 
and  the  funds  used  in  paying  off  the  debt  of  the  Company. 

The  net  profits  of  the  year  of  #85,749  72,  shows  within  a 
fraction  of  6  per  cent,  net  for  the  year's  work. 

While  this  flattering  result  has  been  obtained,  the  road 
way,  bridges,  rolling  stock  and  other  property  of  the  Com- 
pany has  been  improved,  and  is  now  much  increased  in  value. 

All  the  bridges  on  the  road  are  either  new  or  thorouhgly 
repaired.  The  depots  have  been  re-painted,  and  are  fully 
competent  to  the  business  of  the  road. 

As  far  as  your  committee  can  judge  from  careful  investi- 
gation, the  prospect  for  increased  business  for  the  next  year 
is  good.*  The  crops  along  the  line  of  the  road  are  promising, 
and  will  afford  an  increased  amount  of  freight,  while  the 
necessary  expenses  will  be,  on  account  of  the  thorough  repair 
of  the  property,  as  low  as  at  present. 

The  near  completion  of  the  Augusta  Air  Line  and  connec- 


6  Report  of  Com.  on  Finance  and  Inspection. 

K 

tion  with  Charlotte,  must  add  to  the  business  and  income 
of  the  Company,  and  your  committee  feel  safe  in  saying  that, 
with  the  same  economical  management,  the  future  prospects 
of  the  Company  are  flattering. 

Much  credit  is  due  to  the  honest  and  able  administration 
of  the  affairs  of  the  Company  by  the  officers,  and  also  to  the 
employees  for  the  prompt  and  cheerful  performance  of  their 

duties. 

Respectfully  submitted, 

T.  B.  VENABLE, 

R.  S.  TUCKER, 

A.  M.  McPHETERS, 

W.  J.  BAKER, 

Raleigh,  July  9,  1877.  Committee. 


PRESIDENT'S  REPORT. 


Office  Raleigh  and  Gaston  Railroad  Company, 
Raleigh,  N.  C,  July  18th,  18V 7. 

To  the  Stockholders  of  the 

Raleigh  and  Gaston  Railroad  Company : 

Gentlemen:  In  presenting  to  you  their  annual  report  for 
the  fiscal  year  ending  May  31,  1877,  the  Board  of  Directors 
are  pleased  to  be  able  to  report  that  notwithstanding  there 
has  been  a  decrease  in  the  Company's  receipts,  the  diminu- 
tion in  expenses  has  enabled  the  Board  to  present  to  you  a 
more  favorable  exhibit  than  for  the  previous  year. 

The  receipts  of  the  Company  have  been  as  follows: 

For  Freights,    -----  $167,625  35 

"    Passengers,       -  59,292  19 

"    Mails,          -             -             -             -             -  7,275  00 

"    Miscellaneous  sources,              -             -  318  19 


Making  total  receipts,  -         -         -         -         $234,510  73 

The  Company's  expenses  have  been  $148,761  01,  exhibited 
in  detail  by  the  report  of  the  General  Superintendent,  which 
leaves  a  net  revenue  of  $85,749  72,  and  in  the  statement  of 
expenses  is  included  the  cost  of  the  new  bridge  over  Neuse 
river,  which  amounted  to  $14,625   96. 

In  making  this  statement  of  revenue  and  expenses,  the 
Board  are  gratified  to  be  able  to  state  that  the  Company's 
property  has  been  thoroughly  maintained.  The  roadway, 
track,  machinery  and  cars  have  been  maintained  in  excel- 
lent condition.  All  the  bridges  are  nearly  or  quite  new,  and 
will  last  for  many  years  without  much  repair,  and  all  are 
amply  insured  against  risk  of  fire.  On  July  1st,  the  Com- 
pany's bonded  debt  of  $50,000  (for  the  payment  of  which  a 
portion  of  the  first  mortgage  8  per  cent,  loan   of  the  Com- 


President's  Report. 


pany  had  been  set  aside)  became  due.  This  debt  has  been 
promptly  paid  off,  with  the  exception  of  82,000,  which  has 
not  yet  been  presented;  but  holders  of  these  bonds  have 
been  notified  that  the  Company  will  not  pay  interest  upon 
them  hereafter,  and  the  balance  will  doubtless  be  shortly 
presented,  and  will  then  be  paid. 

The  Raleigh  and  Augusta  Railroad,  in  which  this  Com- 
pany holds  so  large  an  interest,  is  completed  to  the  point  of 
junction  with  the  Carolina  Central,  except  the  laying  of  the 
rails  on  twelve  and  a  half  miles,  and  as  the  rails  and  joint 
fastenings  for  this  portion  of  the  road  have  been  purchased 
and  delivered,  the  entire  line  to  the  Carolina  Central  will  be 
shortly  opened  for  traffic. 

Referring  the  stockholders  to  the  comprehensive  report  of 
the  General  Superintendent,   and  to  the  statements  of  the 
Treasurer,  this  report  is  respectfully  submitted. 
By  order  of  the  Board, 

JNO.  M.  ROBINSON,  President. 


f 


SUPERINTENDENT'S  REPORT. 


Raleigh  and  Gaston  Railroad  Company, 
Superintendent 's   Office, 
Raleigh,  N.  C,  July  18th,  1877. 

Jno.  M.  Robinson,  Esq.,  President, 

Sir: — I  have  the  honor  to  submit  the  following  report  of 
the  operations  of  this  road  for  the  year  ending  May  31  1877 : 

The  receipts  have  been  as  follows  : 

From  Freight,         -  -  8167,625  35 

"       Passengers,  -  59,292   19 

"      Mails,  -  -  7,275  00 

"      Sundries,  -  318   19  ' 

Total  receipts,  - .$234,510  73 

Operating  and  ordinary  expenses: 

Conducting  Transportation,         -        $50,215  87 
Maintenance  of  Way,         -  -  34,348   19 

Machinery  Department,     -  -  32,814  83 

Salaries,  ....  955V6  49 

Miscellaneous,  -        -  -  7,179  67 

Rebuilding  "  Neuse  Bridge,"       -         14,625  96 

Total  expenses,  - $148,761   01 

leaving  a  balance  of  $85,749  72  profit  for  the  year. 

Our  receipts  have  fallen  off  $7,872  07  from  those  of  last 
year.  The  loss  in  passenger  receipts  has  been  constant  for 
several  years,  and  unless  the  country  improves  there  is  no 
reason  to  hope  for  an  increase.  Our  loss  in  freight  is  prin- 
cipally due  to  the  excessive  low  rates  which  existed  for  the 
greater  part  of  the  year.  During  the  next  fiscal  year  it  will 
be  necessary  to  replace  some  of  the  old  rails  with  new  ones, 
but  it  is  not  thought  that  the  expenses  thus  incurred  will 
exceed  the  expense  of  the  new  bridge  over  Neuse  River. 


10  superintendent's  report. 

The  roadway  is  in  excellent  order.  There  has  been  28,059 
cross  ties  put  in  the  track,  and  the  ditches  have  generally 
been  well  cleaned  out.  It  is  not  deemed  best  to  get  so  large 
a  supply  of  wood  from  the  line  of  this  i*oad,  as  it  is  found 
more  economical  to  get  it  from  the  line  of  the  R.  &  A.  A.  L., 
where  the  wood  is  of  a  better  quality,  and  where  we  have  it 
in  abundance  on  the  right  of  way. 

It  was  found  necessary  to  increase  the  warehouse  room  at 
Raleigh,  and  during  the  year  anew  warehouse,  140x30  feet, 
with  iron  roof,  has  been  erected,  which  enables  us  to  do  the 
work  at  this  station  with  much  more  satisfaction.  I  recom- 
mend that  the  old  warehouse  which  is  now  not  safe  be 
replaced  by  a  new  one,  and  that  the  cotton  platform  be 
increased,  at  the  convenience  of  the  Company. 

Neuse  bridge  has  been  built  entirely  new,  replacing  the 
old  lattice  bridge  with  a  How  Truss  wooden  bridge,  with 
new  abutments,  using  the  old  piers.  The  cost  of  this  bridge 
was  $14,625  96,  which  you  will  see  is  included  in  the  opera- 
ting and  ordinary  expenses.  This  bridge  was  built  by  Mr. 
D.  M.  Renno,  and  I  think  the  best  I  have  seen  from  his 
hands.  Mr.  Renno  was  employed  to  go  over  all  the  bridges 
and  screw  them  up  and  put  them  in  thorough  order,  except 
Crabtree  bridge,  which  does  not  require  it  just  now.  An 
entire  new  iron  roof  was  put  on  Deep  Creek  bridge.  No 
more  work  of  consequence  will  be  needed  on  the  bridges  for 
years  to  come. 

I  have  had  plank  walks  laid  through  the  bridges  to  enable 
the  proper  officer  to  make  thorough  inspection.  The  engines 
are  in  good  repair.  The  No.  5  has  been  completed,  and  does 
credit  to  our  shops,  where  it  was  built.  During  the  year 
R.  &.  G.  engines  1,  4  and  13  have  been  overhauled,  besides 
the  necessary  repairs  to  engines  and  cars.  Eight  flat  cars 
have  been  reconstructed,  and  new  iron  trucks  have  been 
placed  under  ten  of  the  box  cars. 

The  following  table  gives  the  number  and  description  of 
each  engine: 


SUPERINTENDENT  S  REPORT. 


11 


a 

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p 


1 

2 

4 

5 

7 

9 

10 

11 

12 

13 

14 

15 


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8 

09 
P 

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o 

11 

s22 

11 

x26 

11 

x24 

11 

x24 

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13 

x24 

14 

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13 

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15 

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15 

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15 

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15 

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5 

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5 

5 

5 

5 

4i 

4* 

4* 

44 


"5 

20 
18 
20 
22 
22 
22 
25 
22 
26 
26 
27 
27 


CONDITION. 


Rebuilt  1870;  good  order. 
Built  1854;  running  order. 
Rebuilt  1872;  good  order. 
Built  1877;  good  order  (shops). 
Rebuilt  1854;  running  order. 
Built  1855;   good  order. 
Rebuilt  1874;    " 
Built  1859 

"  1867 

"  1870 

"  1872 

"  1872 


running  order, 
good  order. 


Our  cars   are  in   good  order.     The  following  is  a  list  of 
them  : 

2   First  Class  Cars. 
10  Old 

2  New  Baggage  Cars. 

3  Old 

3     "  "  "     (shanties). 

1     "      Express        " 
88   Box  " 

43  Flat 
10  Gravel 

We  have  again   to   congratulate  ourselves   that  we  have 
had  no  accident  to  life  or  property  during  the  year,  and  it  is 
with  pleasure  that  f  can  testify  to   the  faithfulness  and  zeal 
of  the  officers  and  employes  in  all  the  departments. 
Respectfully  submitted, 

JNO.  C.  WINDER, 

S'uperinten  den  t. 


TREASURER'S  REPORT. 


John  M.  Robinson,  Esq.,  President : 

Sir: — I  hand  herewith  Statements  for  the  Fiscal  Year 
ending  May  31st,  1877,  namely: 

Statement  A  —  showing  the  earnings  from  Transpor- 
tation for  the  year. 

Statement  B  —  showing  the  Transportation  expenses 
for  the  year. 

Statement  C  —  showing  the  Receipts  and  Disburse- 
ments for  the  year. 

Statenent  D  —  showing  the  general  financial  condi- 
tion of  the  Company,  on  May  31st,  1877. 
Respectfully, 

W.  W.  VASS,  Treasurer. 


14 


Treasurer's  Report. 


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Treasurer's  Report. 


15 


STATEMENT  B.  —  Transportation   Expenditures  of  the  Ra- 
leigh &  Gaston  Rail  Road  Co.,  for  the  year  ending  May  31,  1877. 


Conducting  Transportation  : 

Embracing  cost  of  Conductors  and  train  hands ; 
engine  runners,  firemen  and  wipers  &c ;  agents 
and  labor  at  depots;  Stock  killed;  losses  and 
damages ;  fuel,  and  miscellaneous  


Maintenance  op  Way: 

Embracing  cost  Superintendence;  labor — road- 
way; Subsistence  ;  repairs  bridges  and  cul 
verts ;  ties ;  repairs ;  tools ;  tanks  &c ;  and  mis- 
cellaneous,     


Machinery  Ddpartment: 

Embracing  cost  of  repairs  engines;  construction 
and  repairs  cars  and  coaches,  including  mate- 
rial ;  oil ;  &c ;  miscellaneous,    


Miscellaneous: 

Salaries  of  Officers;  printing  and  advertising; 
buildings  and  repairs;  incidental  expenses; 
office  expenses ;  mileage ;  attorneys  fees  and 
court  costs,  and  insurance, 

Rebuilding  Neuse  River  Bridge 


Total, 


$      50,215  87 


$      34,348  19 


$      32,814  83 


16,756  16 
14,625  96 


$    148,761  01 


W.  W.  VASS,    Treasurer. 


16 


Treasurer's  Report. 


STATEMENT  C.  —  Annual  Statement  of  Receipts  and  Dis- 
bursements of  the  Raleigh  &  Gaston  Rail  Road  Company,  for 
the  year  ending  May  31,   1877. 


RECEIPTS. 

Balance,  May  31st,  1876, 

Transportation  Earnings  —  received 

this  sum,      

Sales  First  Mortgage  Bonds,  at  par, 

Sales  old  rails,    .... 

Sales  Sinking  Funds  Bonds  at  par, . . 
Interest  en  account  Sinking  Fund, . . 
Debts  due  by  Company, 

DISBURSEMENTS. 

Transportation  Expenditures,  paid, 

Investment  —  paid  for  Guaranteed 
Stock  in  R.  &  A.  A.  L.  R.  R.,  . . . 

First  Loan  due  July  1st,  1877,  pre- 
paid this  amount, 

Interest  on  First  Mortgage  Bonds, . . 

Interest  on  First  Loan,      

Assessment,  &c,  on  investments,  .  . . 

Debts  due  the  Company, 

Cash  on  hand,   May  31st,  1877, 

Total, 


$  97,256  37 

234,510  73 

132,000  00 

33,614  36 

29,000  00 

4,007  30 

3,839  41 


,228  17 


e 

$148,761  01 

228,282  93 

29,000  00 
54,574  99 
3,357  44 
945  00 
32,474  67 
36,832  13 


$534,228  17 


W.   W.  VASS,    Treasurer. 


Treasurer's  Report. 

17 

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